Markets Live: Sensex drops 216 points; ICICI Bank, SBI plunge nearly 3%

Closing bell

Benchmark indices snapped their 3-day winning streak due to unabated foreign fund outflows and subdued global cues. Moreover, fresh weakness in the rupee against the dollar too dampened the domestic sentiment.

The Sensex dropped 216.24 points or 0.61 per cent to 34,949.24 and the Nifty fell 55.35 points or 0.52 per cent to 10,633.30.

Among BSE sectoral indices, banking fell the most followed by healthcare, consumer durables and realty. On the other hand, oil & gas, auto, IT and TECk found investors' support.

Major Sensex gainers were M&M, Bharti Airtel, Infosys, TCS and Hero Motocorp, while the top five losers were ICICI Bank, SBI, IndusInd Bank, YES Bank and Kotak Bank.

 

Global markets

 

A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low, stocks punished and short-term borrowing costs surging for the government in Rome. Read more

Bullion prices

 

Gold prices drifted lower by Rs 105 to Rs 31,860 per 10 grams in tandem with weak global cues amid muted demand from local jewellers. However, silver recovered by Rs 70 to Rs 40,900 per kg on scattered enquiries from industrial units and coin makers. More on this

Gold prices ease

 

Spot gold was 0.1 per cent lower at $1,296.91 per ounce at 0730 GMT, while US gold futures for June delivery fell 0.6 percent to $1,296.40 per ounce. Click here to read more

MCX-Zinc seeks direction

 

The sideways movement keeps the immediate outlook mixed for the contract. A breakout on either side of ₹204 or ₹212 will decide the next near-term move. A strong break below ₹204 can pull the contract lower to ₹202 or ₹199.  Click here to read more

 

Market outlook

 

Macroeconomic data, progress of monsoon, expiry of May futures & option contracts, trend in global markets, investment by foreign portfolio investors and domestic institutional investors, movement of rupee against the dollar and crude oil price movement will dictate the trend on the bourses in the near term. Click here to read more

Dwarikesh Sugar Industries

 

Investors with an appetite for risk can consider buying the stock of Dwarikesh Sugar Industries. The stock has been beaten down over the last seven months with surplus sugar production and falling market prices pushing sugar manufacturers into losses. Click here to read more

HCL Technologies

 

The stock has corrected by nearly 15 per cent after its March quarter results were announced, as its revenue growth guidance for FY-19 disappointed the markets. A good part of its projected growth (9.5-11.5 per cent) is expected from the companies it acquired recently. But the correction may have been an overreaction, as the growth rates are still among the best in the industry.. Click here to read more

Essar Steel bidders' plea

 

The National Company Law Appellate Tribunal would hear the appeals filed by Essar Steel resolution applicants - NuMetal and Arcelor Mittal - tomorrow. Click here to read more

RCom shares rally

 

Shares of debt-ridden Reliance Communications rose as much as 9.8 per cent to ₹16.80, their highest since May 18. Reliance Infratel informed the NCLAT that it has reached an agreement with minority shareholders regarding sale of its tower and fibre assets. Read more

Benchmark indices were trading down by nearly 0.5 per cent due to profit-booking by funds and retail investors and weak Asian cues owing to uncertainty over the US-North Korea summit and a political crisis in Italy.

The Sensex was down 155.43 points or 0.44 per cent at 35,010.05 and the Nifty down 44.55 points or 0.42 per cent at 10,644.10.

Top five Sensex gainers were M&M, L&T, Bharti Airtel, TCS and PowerGrid, while the major losers were ICICI Bank, SBI, YES Bank, Asian Paints and IndusInd Bank.

 

Among BSE sectoral indices, banking index fell the most followed by consumer durables, healthcare and realty. On the other hand, capital goods, auto, oil & gas and IT found investors' support.

 

 

Nifty 50 May Futures (10,657)

 

The Nifty May futures contract began the session in the negative territory, opening at 10,664.9 levels. Taking support at 10,653, the contract witnessed an initial rally to a key resistance level of 10,700. Click here to read more

Suven Life gets product patent

 

Suven Life Sciences has been granted a product patent by New Zealand and the US, each corresponding to a new chemical entity for the treatment of disorders associated with neuro-degenerative diseases. Read more

Strides Shasun to change name

Strides Shasun has sought shareholders’ nod to change its name to Strides Pharma Science. This is the second time in three years that the name of the company will change. More on this

RCom-Ericsson case

 

RCom today offered an upfront payment of Rs 500 crore to its operational creditor Ericsson, which has got an insolvency order against the Anil Ambani group firm. Click here to read more

Oil India soars 5.6%

 

Oil India Ltd rose as much as 5.6 per cent to Rs 232.50 on Q4 net profit. The company has posted higher-than-expected Q4 profit of Rs 867 crore ($128.05 million), compared with a profit of Rs 19.31 crore a year earlier, due to higher crude realisations. Read more

Bharti Infratel hits over 1-year low

 

Shares of telecom tower operator Bharti Infratel Ltd fell as much as 1.83 per cent to Rs 305, their lowest since March 20, 2017. More on this

Manpasand Beverages hits lower circuit limit

 

Shares of Manpasand Beverages plunged 20 per cent to hit their lower circuit limit for the second consecutive session on account of the resignation of its auditing firm with effect from May 26, 2018. Read more

Benchmark indices were trading marginally lower due to profit-booking by funds and retail investors and weak Asian cues owing to uncertainty over the US-North Korea summit and a political crisis in Italy.

The Sensex was down 62.28 points or 0.18 per cent at 35,103.20 and the Nifty down 9.9 points or 0.09 per cent at 10,678.75.

 

Among BSE sectoral indices, bank, consumer durables, realty and healthcare succumbed to selling pressure, while capital goods, oil & gas, auto and infrastructure remained investors' favourite.

 

 

The NSE Bank Index slipped as much as 0.7 per cent after three straight sessions of gain, with ICICI Bank shedding over 2 per cent.

Top five Sensex gainers were L&T, Maruti, Tata Steel, Tata Motors and Dr Reddy's, while the major losers were ICICI Bank, SBI, YES Bank, Asian Paints and IndusInd Bank.

 

“Correction in oil prices in the past couple of days have been a sentiment booster. However, it still remains a concern, hovering around $75 a barrel, as fuel prices are already very high,” Hitesh Agarwal, EVP and head retail research, Religare Broking, said, adding that corporate earnings had been pretty good so far.

Monsoon sets in over Kerala

 

India Met Department  has declared the onset of the South-West monsoon over Kerala this morning, three days ahead of the normal and exactly as it had forecast a few days ago. Click here to read more

BoI slumps over 6%

 

Shares of Bank of India fell as much as 6.2 per cent to Rs 101.10, their biggest intraday percentage fall since April 20 on weak Q4 results. More on this

JM Financial Credit

JM Financial Credit Solutions is looking to grow its disbursements by nearly 25 per cent in FY19. The company is aiming to expand its client base and it also plans to go in for geographical diversification to grow its loan book this year. Click here to read more

Retail bond issues to hit a new high

 

ICRA has forecast that the number of retail bond issues in the current fiscal may surpass their previous high of ₹42,383 crore in the financial year 2014. Click here to read more

Centre plans to spend ₹4,000 cr on job creation

 

The Government plans to spend ₹4,000 crore this year to create new jobs in the country and it has already employed 40 lakh new job seekers through Pradhan Mantri Rojgar Protsahan Yojana. Click here to read more

The Sensex and Nifty were trading flat due to profit-booking by funds and retail investors and weak Asian cues owing to uncertainty over the US-North Korea summit and a political crisis in Italy.

The BSE index was up 32.25 points or 0.09 per cent at 35,197.73 and the NSE index up 12.25 points or 0.11 per cent at 10,700.90.

Sensex gainers, losers

BSE sectoral indices

 

Meanwhile, foreign portfolio investors had sold shares worth Rs 795.06 crore, while DIIs bought shares worth Rs 1,017.65 crore yesterday.

Rupee snaps 6-day fall

 

The rupee’s free-fall, which was in place over the last six consecutive weeks, came to an end last week. The currency, which, in the initial part of the week, was threatening to revisit its all-time low of 68.86, made a sudden reversal on Friday. Click here to read more

Aurobindo Pharma slumps over 6%

 

Shares of Aurobindo Pharma slipped on Q4 results. The company's net profit declined 0.65 per cent to Rs 528.8 crore in the quarter ended March, missing analyst estimates. Read more

L&T jumps 3.4%

 

Larsen & Toubro shares jumped as much as 3.4 per cent to Rs 1,422.50, their highest in nearly four weeks on Q4 results. More on this

Vedanta tanks to 11-month low

 

Shares of Vedanta fell to 11-month low as the Tamil Nadu government has closed the copper smelter after bloody protest. Read more

Asian markets

 

Asian shares fell and the euro slipped back to 6-1/2 month lows as early elections loomed in Italy, but a revival in diplomatic talks with North Korea and a retreat in oil prices from recent highs supported sentiment. Click here to read more

Broker's call

KPIT Tech (Hold)

CMP: ₹272.70

Target: ₹288

Click here to read more

Avanti Feeds bonus issue

 

 

The board of directors of Avanti Feeds has recommended a dividend of ₹6 an equity share of ₹1 each for financial year 2017-18. It also recommended issuance of bonus shares in the ratio of 1:2. Read more

'SGX has copied Nifty, bank index on 12 counts'

 

The NSE has claimed that there are at least 12 similarities between its benchmark product Nifty, and Bank Nifty that it had licensed to trade in Singapore, and the new India Futures index that the Singapore bourse SGX plans to launch. Click here to read more

Day Trading Guide

 

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2042 • HDFC Bank

 

₹1214 • Infosys

 

₹275 • ITC

 

Click here to view the full guide

 

The 30-share BSE index Sensex opened down by 56.66 points at 35,108.82 against the previous close of 35,165.48 and the 50-share NSE index Nifty down 20.6 points at 10,668 against 10,688.85.

Today's stock pick

 Lakshmi Vilas Bank (₹103.9): Buy

 

Investors with a short-term perspective can consider buying the stock of Lakshmi Vilas Bank at current levels. The stock was on a medium-term downtrend from the November 2017 high of ₹174 until it recorded a 52-week low at ₹88 in this April. Click here to read more